What are dApps?

Do you still remember the 2017 Amazon Web Services mega-outage that led to nearly a third of the Internet being inaccessible for five hours? This occasion shows exactly how centralized our web is. To put it into perspective, just a handful of mammoth-size IT giants in the likes of Google, Facebook and, of course, the aforementioned Amazon has too much control concentrated in their hands. Such near-monopolies in the IT world are not immune to failures while their omnipresence also raises concerns about censorship, abuse of power, and other vital issues. Subsequently, that created a need for decentralization.

What is a dApp? Decentralized applications (dApps), unlike Uber, Twitter, Facebook (you name it), are not controlled by a single organization. In order to grasp the idea behind dApps, one has to recall BitTorrent, a P2P network for file sharing that came into the limelight back in 2004. The technology relies on a tight cooperation of all participants — while some users contribute the content, others are consuming it. Numerous P2P applications represented the most simplistic form of a dApps, and then they have been drastically modernized with the appearance of the disruptive Blockchain technology. Notably, their modus operandi practically remains the same (storing and sharing data), but these apps became more complex, while the number of possible use cases has dramatically increased.
All information is stored on Blockchain, an incorruptible digital ledger. The irreversible nature of this technology is considered to be one of its most salient features. What if somebody wants to create a decentralized version of Twitter? In this case, none of your tweets could be deleted by a centralized authority — they will be stored forever (unless you somehow edit them).

Major features

After we’ve briefly discussed the definition of dApp, let’s proceed to the most characteristic features of dApps for you to know how to distinguish them from other apps.

Open source. There is a well-known expression “it takes a village to raise a child” that perfectly defines the essence of dApps since anyone with certain background knowledge can edit the structure of such apps in order to improve their usability.

Native token. A reward to the users of a certain ecosystem is usually paid in native tokens (the so-called “appcoins”). At the same time, centralized apps charge transaction fees in order to monetize their projects.

Absence of centralized governing body. dApps do not need an intermediary in order to function properly. Furthermore, there is no need to check the validity of information since Blockchain stores everything in an unalterable form (in case with Bitcoin, for instance, all transactions are publicly visible).

Zero downtime. The whole idea of Blockchain practically eliminates the possibility of a failure (like in the aforementioned case with Amazon Web Services). There is no single server that the whole system depends on. Instead, numerous independent nodes are running on the Blockchain network. Furthermore, decentralized databases like Blockchain are — significantly — less prone to security breaches than a single database.

What are the main types of dApps? Generally, all decentralized applications can be divided into two major groups — those that were created before and after the emergence of the Blockchain technology. Subsequently, Bitcoin, Tor, and other P2P-based applications all belong to the first group. However, the second group of dApps can be also divided into three other subtypes.

Types of dApps

Type

Function

Type I

The first type of dApps has its own Blockchain (case in point: Ethereum, which provides dApps developers with a foundation layer).

Type II

dApps of the second type run their protocols on the Blockchain of Type 1.

Type III

Eventually, there is also the third type of Blockchain dApps that are utilizing the protocol of Type 2.

Obviously, the main distinction between these applications lies in their degree of specialization. You can actually draw a parallel between the first type of dApps and an ordinary operation system (Windows, Android, iOS, etc.): it provides a background for other types of applications. Type 2 is a basic multifunctional app that is built on top of that OS, while Type 3 serves some more specific purposes.

The Ethereum dApp development process usually involves the following steps.

Creating a white paper that presents all the features of the would-be app;

Holding an ICO to find investors;

Building the app with the help of raised funds.

Examples

Now that we’ve covered the essentials of decentralized apps in detail, let’s consider some of the major examples of such apps. These are all Ethereum-based dApps built with the help of Ethereum Virtual Machine (EVM) that was launched back in 2015.

Etherisc

Etherisc is a travel-oriented app that utilizes smart contracts in order to provide insurance for flight delays and cancellations. For instance, you can receive a payout in a snap if your flight gets delayed by more than 45 minutes. Hence, you can cut the red tape that is typical for traditional insurance companies.

Golem

Golem is a project with an ambitious plan to create the largest supercomputer in the world. The Golem dApp (similarly to the Sia network) gives its users an ability to rent computing resources from other users who are part of the global P2P network. While the project is poised to be big, GNT, the native token, has already fallen off the radar.

Ethlance

As U.Today reported earlier, Blockchain also has the potential to reshape the global freelance market, and Ethlance, a global freelancing marketplace, could be a stepping stone. It allows establishing a direct contact between a freelancer and a client, eliminating the necessity to pay a fee to an intermediary. All transactions are conducted with the help of smart contracts.
Still, all these apps aren’t even inching closer toward rivaling the existing centralized alternatives — they barely have any user base and social media presence. Why?

The great adoption issue

The harsh reality is that all decentralized applications still struggle to gain mainstream adoption. For instance, Andreessen Horowitz-backed CryptoKitties turned out to be the textbook definition of a bomb — its popularity practically diminished in a matter of months. Back in December, during the great crypto boom, people would shell out a whopping $140,000 for an opportunity to have a unique digital cat, but now the startup is left with minuscule user base (which its CEO plans to expand by foraying into the Asian market). However, it doesn’t stop there — Augur, a decentralized prediction service that raised $5 mln, barely has 50 users. Even Bancor, a banking Blockchain app with a jaw-dropping $153 mln raised last year, is now struggling to live up to the hype with less than 500 daily users.
The biggest hindrance is probably the poor usability of dApps — they should be as fast and intuitive as ordinary centralized apps are. One of the main reasons behind their failure to win over the general public is considered to be a huge level of volatility in the crypto space. While Bitcoin remains remarkably stable, other ICOs are still experiencing constant price fluctuations, and ICO participants usually belong to the “hodl” crowd. Subsequently, dApps cannot grow a proper user base since there is no reason to trade certain goods or services when their value could drastically change in a matter of days (or even hours).

Given how little decentralized apps have been around, there is always a room for wider adoption, but first, the developers have to bring down the educational barrier between the user and the app.

A popular site called 99Bitcoins keeps a close eye on the number of times that Bitcoin has been declared dead in the mainstream media. Currently, it has accrued 336 obituaries for the digital currency.

The latest drop in the price of Bitcoin, which took it from the mid-$6,000 mark down to near on $3,000, sparked fresh panic and capitulation as many believed that the cryptocurrency had had its last days.

There were concerns over its utility and usefulness, as well as the potential for a so-called death spiral in the mining of Bitcoin as many miners shut up shop. Yet, Bitcoin continues to exist, and at time of writing, has bounced back to over $4,000.

So what is it that is keeping Bitcoin alive? It has no CEO, no company headquarters, and because of its decentralised nature, has no one to drive it to keep it alive; it relies solely on those who are interested in it.

The underlying blockchain

Bitcoin, or cryptocurrencies in general, have a very special relationship to their underlying technology, blockchain. They are of course dependent on each other to operate, but they also move independently of each other in many respects.

Blockchain is advancing in a very different path to that of Bitcoin, but it was Bitcoin’s initial explosion in the mainstream financial space that made people take blockchain seriously.

Now that the cryptocurrency bubble has essentially burst, there is a lot less hype and interest in it. However, blockchain, the technology behind it all, is getting a chance to come out and shine for its technological reasons alone.

For this reason, Bitcoin is still very much relevant. Blockchain progression is building steadily, and solidly, and because of its adoption across all centres, people still appreciate the usefulness of a digital token.

Bitcoin, as the major digital token that encapsulates all the main points of cryptocurrency and blockchain — such as decentralisation and transparency, and of course distribution — is the epitome of a functioning token economy.

Manageable mining

Another reason why Bitcoin hasn’t totally capitulated is because of its built in mining difficulty adjustment. Many people feared that Bitcoin could go under if the miners, an important part of any proof-of-work cryptocurrency, decided to abandon Bitcoin because of the increased difficulty and the loss of profitability.

Indeed, when the price dropped significantly in November, many miners did shut down and the hash rate also fell. But, because Bitcoin has a built in adjustment, the lower hash rate caused the mining difficulty to increase, and thus caused profitability to increase again, enticing miners back.

With more miners mining, there was increased health and activity on the blockchain, which leads to better interest and investment in the markets. This, in turn and in a compound way, then helps boost the price and drive more miners back in, again increasing profit and price.

Shedding the speculators

There is also a big difference between a burst speculative bubble and the death of a market. Some markets can be destroyed by the bubble pop, but in the case of Bitcoin, it is mirroring the dot com bubble because it has a similar nature.

With its underlying blockchain equitable to the internet, and the ICO hype and other factors equitable to Dot Com companies, one can see that this type of burst bubble is a chance for Bitcoin to shed its foolish speculative investors, and allow for those who are serious and successful to rebuild the market based on the important technology underneath.

Bitcoin will continue to be called dead, and erroneously so because it has only hit the mainstream in the last 18 months or so.

However, if one is to zoom out a bit, one would see that an investor who bought Bitcoin two years ago rather than, say, one year ago, would still be over 300 percent up on their investment.

GAME (a.k.a. GameCredits) is an innovative cryptocurrency that has been very popular within the international gaming community. Thanks to the recent strategic partnerships with Microsoft and Xsolla, the team behind GAME crypto managed to achieve the incredible leap in promotion of this cryptocurrency.

Why should you exchange GameCredits on Bittrex?

There are so many exchange services out there. Why should you use the services of Bittrex in order to exchange or trade your GAME coins? The main advantage for beginners — Bittrex has never been hacked unlike other large platforms. Since 2017 all user accounts of this U.S. exchange service are solidly protected.

Also, this project implements the multi-level wallets strategy. About 90% of customer funds are stored offline. 2-factor authorization is offered for users (in particular, for withdrawal of their funds from wallets). If it is not activated, the exchange sets certain limits on withdrawals.

Features of Bittrex for GAME users

Bittrex offers a modern trading platform that is always accessible offline. If you type GAME in the search field on the main page, you will instantly see the chart with prices changing in real time. For example, currently (5th December 2018) you may see that the price of 1 GAME in the pair USD/GAME on Bittrex is $0.07.

Below the chart is a window with platform’s apps. The platform is designed for both beginners and experienced traders. You may check the possibility of a thorough technical analysis of any assets using technical indicators is implemented.

By default, an algorithm for calculating volumes is set straight on the chart of GAME/USD and GAME/BTC. The site features 450 currency pairs traded with Bitcoin. There are quite good trading opportunities with both BTC and ETH for GAME owners.

However, Bittrex does not have currency pairs with fiat money. Buying Bitcoin, Ethereum or Tether is possible by bank transfer. In order to use this service, you must pass the account verification. Traders have the opportunity to open different types of orders.

For example, they can buy GAME and other available assets at the market price or choose pending orders for the purchase of a particular cryptocurrency at the desired value. The only drawback - Bittrex does not offer any margin trading.

Deposit and withdrawal of GAME funds of the Bittrex exchange provides wide opportunities for those who want to replenish their account and withdraw money from it with GAME cryptocurrency. Two stages of verification actually mean that the base level is the inclusion of 2FA and filling in the "About me" fields. To withdraw more money (more than 4 BTC), full verification is required.

Currently, there are two types of accounts on Bittrex:

Basic. Users provide name, address of residence, indicate the date of birth. This data is verified through open sources (social networks, for example). However, if security officers of the company fail to verify the information, more detailed verification will already be required with the participation of the user;

Advanced. To open such accounts, the user must provide scanned copies of identification documents along with a selfie attached;

How to buy and sell GAME on Bittrex?

According to almost any user’s review of GameCredits on Bittrex, the website offers the opportunity to trade market and limit orders. The first allows you to buy a cryptocurrency at the current price at which it is offered on the market.

Let’s suppose, GAME coin is worth $1. A user wants to buy it and is ready to pay that price. In this case, he chooses a market order, enters the volume of the transaction and presses the “Buy” button. If the user already has bitcoins and he wants to sell them, at the same time, the current price on the market fully suits him, this can also be done by placing a market order, only for sale.

Fees for services here are considered average for the global market. Bittrex charges 0.25% commission for all transactions. At the same time, payments from traders can be reduced depending on the time of the user’s trading status.

Several local publications have reported that the government of India is exploring the possibility of regulating crypto.

At an official government meeting hosted by the interdisciplinary committee, a task force led by members of the Ministry of Economics and information Technology and the Ministry of Home Affairs, the committee ruled in favor of regulating cryptocurrencies with strict policies.

Sudden Change in Stance Toward Crypto

In April, the Reserve Bank of India (RBI) imposed a blanket ban on cryptocurrency trading, prohibiting the country’s financial institutions from dealing with cryptocurrency-related businesses.

Several exchanges tried to pivot to cryptocurrency-to-cryptocurrency trading but with the dominance of Binance, OKEx, Huobi, and other crypto-only exchanges, local digital asset trading platforms failed to compete and shut down their businesses.

At the time, the RBI threatened to end its relationship with any local bank that deals with digital asset exchanges. A circular released by the central bank read:

“In view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling VCs (virtual currencies). Regulated entities which already provide such services shall exit the relationship within a specified time.”

In July, industry leaders, associations, and companies challenged the controversial decision of the RBI by filing a complaint with the Supreme Court of India. Within several months after the filing, the court ruled in favor of the RBI, allowing the central bank to impose a ban on cryptocurrency trading.

However, on December 26, a senior government official told The New Indian Express in an interview that the government believes cryptocurrencies cannot be dismissed as illegal currencies and the asset class has to be regulated with strict policies.

“We have already had two meetings. There is a general consensus that cryptocurrency cannot be dismissed as completely illegal. It needs to be legalised with strong riders. Deliberations are on. We will have more clarity soon,” the official said.

The change in the stance toward cryptocurrencies from the government of India likely comes from its acknowledgement of the risk in unregulated cryptocurrency trading. By placing a ban on digital asset exchanges, it forced investors out of a self-regulated market to unregulated peer-to-peer and over-the-counter markets that are difficult to regulate and monitor.

If the intent of the government is to prevent money laundering through the usage of cryptocurrencies, a more effective way of doing so is to allow cryptocurrency trading on exchanges with strict Know Your Customer (KYC) and Anti-Money Laundering (AML) systems in place.

When Could It Take Place?

Many reports were released in the past anticipating the legalization of cryptocurrencies by the government of India. Yet, the government showed no signs of regulating the asset class in the past 12 months.

With the G20 agreeing to regulate cryptocurrencies to crack down on money laundering, India, which is a part of the G20, could follow the global trend of regulating the asset class.

Given the history of India in the cryptocurrency sector, it may take several months to potentially years before cryptocurrency trading is revitalized and completely legalized with stable banking services provided by local financial institutions.

Aeron, the innovative blockchain-based aviation safety project, extends its reach to EOS ecosystem and allows for Ethereum ERC20 and EOS token swap in both directions. That will boost liquidity of the token and help Aeron strengthen its position on the market. Let’s find out how it works, and define the advantages that platform users will reap.

A few words about Aeron

Aeron project was created by experienced pilots and aviation experts to improve the aviation safety and provide comprehensive tools for flight schools and private aircraft owners and operators. Aeron features ARN ERC20-compliant token that can be simply integrated into users’ wallets and traded via exchanges and direct transfers. The fixed token supply is 20,000,000 ARN.

At the moment, ARN ERC20 token is present on the major cryptocurrency exchanges: Binance, KuCoin, HitBTC and many others. Introduction of ARN into EOS ecosystem offers even more liquidity to the holders with access to the new EOS decentralized exchanges, which feature instant execution and even more convenience for users to manage their assets.

Possibilities and perspectives

With ARN token launch on the EOS blockchain, free cross-blockchain token swap is available for all Aeron token holders. From the first day, ARN EOS token is listed in all significant EOS decentralized exchanges, and MEET.ONE, the most popular EOS wallet, supports this token natively as well.

Cross-blockchain token swap is performed at 1:1 ratio: once an ERC20 token is locked, the EOS equivalent is released, and vice versa. Therefore the new ARN EOS token value is totally backed by the legacy ARN ERC20 tokens on Ethereum blockchain.

Can users keep both types of tokens? Yes, ARN EOS and ARN ERC20 tokens may be kept on different wallets and exchanged at any time. Some wallets support EOS and ERC20 tokens simultaneously. The swap isn’t obligatory, so token holders are free to use this option depending on their needs. According to Aeron, the exchange option will be available 24/7 and permanently – no time limits apply.

There are two key advantages:

Swap is totally free, no matter in which direction it’s made.

No token burning is involved, and tokens can be swapped back freely.

Instant ARN ERC20/EOS swap opens new possibilities for ARN token holders making the asset more liquid and convenient in handling, opening up EOS ecosystem famous for its instant transactions and low fees. There’s no need to surf the net in search of suitable swap options: secure token swap is performed on the Aeron website. ARN EOS token can be further traded on Newdex, Chaince, WhaleEx, Findex, BTEX and other new EOS exchanges.

With the introduction of new EOS stable coins (EETH, EBTC, EUSD), additional ARN trading pairs will become available to facilitate value exchange and storage in EOS ecosystem.

How to perform a token swap?

In order to swap ARN ERC20 for EOS and vice versa, a user should have an EOS account. It can be registered in MEET.ONE, Paytomat Wallet or other EOS wallets (please, note that it’s a paid option that costs about $2, but sometimes sponsored by the wallet developer).

The ARN token swap is instant and the rate is fixed at 1:1, so ARN token holders won’t have to waste time placing sell/buy orders. They will enjoy a fast swap without fees.

Once EOS account is created, and tokens are swapped, a user can proceed to EOS decentralized exchanges. To register on EOS exchanges, a user will need Scatter software for the authentication process. Installation of Scatter won’t take much time, and it is compatible with all platforms. Alternatively, a QR code can be scanned to authenticate with an exchange directly from the compatible EOS wallet.

Bottom Line

At the moment, Aeron platform and the pilot shop powered by Aeron support legacy ARN ERC20 token, and EOS token integration will be done gradually through 2019. EOS salient features, such as low latency, free transactions, and scalability, can serve to improve Aeron token adoption and strengthen the business model. Meanwhile, ARN EOS token can be used by Aeron supporters to get familiar with EOS environment and its peculiarities. As example, EOS blockchain can process up to 4,000 transactions every second, making EOS exchanges the fastest decentralized exchanges in the world.

With the first ever bi-directional ERC20/EOS token swap enabled by Aeron, it may be expected that other blockchain projects will follow this method to expand their community and let the supporters enter the vibrant EOS ecosystem with their favourite tokens.

Cryptocurrency Markets Turn Green While Bitcoin SV Lags Behind

The past few days, since about Saturday last week, the cryptocurrency markets have shown some fight back with there being steady gains in the last two days in particular. Bitcoin has topped near-on $3,800 as the rest of the market basks in its glow.

There are gains for all of the top 20 coins, ranging from six to a staggering 29 percent over the last 24 hours alone. The market going green, after a month-long fall starting on the Bitcoin Cash hard fork, is only just starting to bud, and it remains to be seen if it will last, or be a reversal in fortunes.

Speaking of Bitcoin Cash, its battle continues with the name Bitcoin Cash going to the ABC pool, and that coin being the biggest gainer at 29 percent in the top 20. This has forced the forked coin to sixth on the market cap, and stretched out its lead over rival Bitcoin SV.

SV is now in ninth, and in danger of falling out of the top 10 with the likes of IOTA, Monero and Tron all surging up in value.

Good day for green

As reported yesterday, the difficulty adjustment for Bitcoin mining lowered by about 10 percent recently, and this drop in difficulty is intended to make it more profitable by making it easier to mine Bitcoin.

Therefore, the hash rate of Bitcoin has been rising again as miners are once again just on the right side of being profitable. This ties in with the price and can compound the gains as the more interest and health from miners for the Bitcoin blockchain, the more interest from the market.

If this is indeed the case for Bitcoin’s price rising again, there is every chance that there could be a longish rally, however, a good solid rally has not been seen since more than a year ago when Bitcoin was heading to its All Time High.

Following on

As is often the case, the rest of the altcoins have also profited from Bitcoin and its own gains as most coins are seeing gains in the double figures. Ripple sits in second ahead of Ethereum, but they are both growing well, as are Tron and Stellar.

Bitcoin Cash has grown by nearly 30 percent over the last 24 hours, and just outside the top 10 IOTA, Monero, Binance Coin and Dash are all up over 10 percent. Bitcoin SV is up by nine percent, but in comparison to the chasing pack, it should be concerned about being usurped from the top 10.

Battle-worn Bitcoin Cash

Although both the Bitcoin Cash forks remain in the top 10 of the market cap standing, they have both lost huge value since their split in November. Bitcoin Cash has lost a whopping 45 percent of its value since late November, while Bitcoin SV has dropped 35 percent. This is compared to Bitcoin's 15 percent fall over the same period.

Bitcoin SV has other problems than its market cap standing to worry about, though as there are allegations of users being able to spend the same coins twice in what's known as a "0-conf transaction" double spend. Additionally, there are concerns about its centralisation with four Bitcoin SV network nodes controlling 75% of its hash rate, leaving it vulnerable to attacks and weaker than most decentralized crypto networks.